XRP Used as Solution by Blockchain Financial Service to Convert Funds During USDC Depeg

XRP: Blockchain financial service converts funds to $XRP in wake of USDC depeg XRPArmy XRPCommunity XRPHolders $XRP $USDC

At the time of writing, USDC was still below its dollar peg at $0.918. At press time, stablecoins DAI, USDD and FRAX were trading below their dollar peg. According to Nansen, Circle has burned $2.34 billion USDC in the last 24 hours. About 70%, or $1.65 billion, was burned in the last eight hours, it says.

Exchanges have also taken action in the wake of the recent event. Binance has suspended the auto conversions from USDC to BUSD due to the current market conditions. The cryptocurrency exchange Coinbase has decided to suspend USDC:USD conversions over the weekend. Ripple CTO David Schwartz says the company was going to issue an official statement in response to questions over whether it had exposure to the embattled SVB.

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